Tesla has acquired around 1.5 billion dollars (£1.09 billion) in Bitcoin under an investment policy at the electric car maker headed by Elon Musk.

It said it plans to begin accepting the digital currency as payment for vehicles soon.

The California company revealed the new strategy in a filing with the US Securities and Exchange Commission on Monday, saying its investment in digital currency and other “alternative reserve assets” may grow.

Bitcoin spiked 14% and appeared to briefly hit a new all-time high.

Shares of Tesla moved higher as well.